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PRTRs send signals to s/h’s and markets about installations performance

Signaling theory suggests that key attributes of the firm provide information that shapes the impression that individuals form of the organizations and it can be used to examine firm reputation and its impact on individual behaviours, attitudes and decision making

PRTRs rank installations summing annual emissions of substances released by a facility in a given year.

It may be clear that it is a poor and crude proxy to indicate installations env’ performance as it depends on various factors as the chemical’s characteristics and the medium which is release (Toffel & Marshall, 2004)

As a consequence, some researchers (Karam, Craig and Currey, 1991; Toffel and Marshall, 2004) argue that in order to measure installations’ environmental data, it could be appropriate the use of the weighting emissions data using the each PRTRs standard limits or toxicity estimates so that TRI-based measures more accurately reflect real differences

PRTRs rank installations summing annual emissions of substances released by a facility in a given year.

It may be clear that it is a poor and crude proxy to indicate installations env’ performance as it depends on various factors as the chemical’s characteristics and the medium which is release (Toffel & Marshall, 2004)

As a consequence, some researchers (Karam, Craig and Currey, 1991; Toffel and Marshall, 2004) argue that in order to measure installations’ environmental data, it could be appropriate the use of the weighting emissions data using the each PRTRs standard limits or toxicity estimates so that TRI-based measures more accurately reflect real differences

Hyphoteses environmental performance & connections with the reduction of information asymmetry and signalling

Hyphoteses environmental performance & connections with the reduction of information asymmetry and signalling

Hypotheses 2 a: Environmental information expressed in terms that take into account number of employees and toxicity-weighted environmental information may send a more accurate signal to firm management, regulators or market regarding a firm’s environmental performance.

Hypotheses 2 b: Environmental information expressed in terms that take into account number of operating hours and toxicity-weighted environmental information may send a more accurate signal to firm management, regulators or market regarding a firm’s environmental performance.

Methodology environmental performance & connections with the reduction of information asymmetry and signalling

Sample

European Pollutant Emission Register (EPER)

Year: 2004

Spain

Chemical Industry (90 installations)

Energy Industry (50 installations)

Methodology environmental performance & connections with the reduction of information asymmetry and signalling